Date: July 1, 2010
Many minority shareholders are troubled by what is being canvassed in the media arising from the partial offer by Khazanah. This morning, SIAS President & CEO, Mr David Gerald and Mr Kenneth Pang (Member of SIAS Corporate Governance Committee) met with Dr. Tan See Leng, CEO & MD, Mr Richard Seow, Vice Chairman, Dr Lim Cheok Peng, Executive Vice Chairman of Parkway Health and Mr Dilhan Pillay, Legal Advisor to Parkway Holdings “The Parkway Team”, at SIAS office to discuss the issues.
On the issue of independence of the Board, which has come under criticism in view of the existing agreement between the senior management of Parkway and Fortis, which requires that the senior management should take instructions from Fortis when deciding company affairs. This gives the minority shareholders the perception that the senior management, when voting at meetings as directors, will not be able to exercise their voting rights independently.
The Parkway Team assured SIAS that they have acted within the law and the requirements of the corporate governance code in the past, present and will do so in the future. They have always acted in the interest of all shareholders and, in particular, have never compromise the interest of the minority shareholders.
On all other outstanding issues arising from the partial offer, and in particular, the suggestion by Associate Professor Mak Yuen Teen that the “current and past actions of these directors to be reviewed by the regulators to determine if they have discharged their fiduciary duties to the company”, the Parkway Team has agreed with SIAS that they meet SIAS officials together with the media to answer all questions and issues that have been raised to-date in the media that may have a significant impact on their ability to act independently and discharge their fiduciary duties as required by law. SIAS is arranging this meeting with the Parkway team in the interest of all minority shareholders of Parkway.
We would like to invite you and camera crew to SIAS Conference Room on 5th July 2010 at 3pm at 7 Maxwell Road, MND Building, Annexe B, #05-03, Singapore 069111. Should be grateful if you could RSVP with the name of the Journalist by 2nd July 2010 with Ms Magdeline Tan at 6227 2683 or firstname.lastname@example.org.